Neighborhood Housing Services of Kansas City, Missouri
REFINANCING WITH DEBT CONSOLIDATION LOAN PRODUCT
LOW INTEREST RATES! LOW FEES!
REFINANCING WITH DEBT CONSOLIDATION PRODUCT NHS offers an attractive, fixed-rate, mortgage loan product for qualified home owners desiring to refinance their existing mortgage and consolidate debt (e.g., credit cards, car loans, second mortgages, etc.). We offer both 15- and 30-year terms, and the interest rate is fixed for the entire term of the loan. The interest rate on NHS refinancing loans is very competitive, and it is set at the time of the closing. There are no prepayment penalties of any kind whatsoever. The processing time needed to approve and close this debt consolidation product is approximately 30-45 days. To be eligible for this NHS debt consolidation loan, the home must be located within Kansas City, Missouri. NHS originates this standard first mortgage loan and coordinates the final approval with either our national affiliate, Neighborhood Housing Services of America (NHSA). The loan is funded by one of our local lending partners and is then transferred to NHSA for long-term servicing. The loan is secured by a deed of trust on the home. Neighborhood Housing Services of Kansas City, Missouri (NHS) is a 501-C-3 notfor-profit community development corporation. Our mortgage loan operation’s mission is to become known city-wide as a socially responsible lender and to maximize wealth generation for homeowners in all of our neighborhoods. NHS is a Kansas City, Missouri designated Community Housing Development Organization (CHDO). NHS is also empowered and sanctioned by the State of Missouri as evidenced by our Residential Mortgage License No. 06-1394. We provide mortgage loan assistance for purchasing a home, purchasing and renovating a home, and for renovating and/or refinancing a home.
Neighborhood Housing Services of Kansas City, Missouri 5835 Troost Kansas City, Missouri 64110 816-822-7703 816-822-7212 fax
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INFORMATION REQUIRED FOR REFINANCING WITH DEBT CONSOLIDATION LOAN APPLICATION • • • • • • • • • • • • •
Most recent two years of W-2 forms, and federal tax returns with supporting schedules
Two most recent pay check stubs Name and address of all banks and other depository institution(s) Employer job code, and phone number of employer Name, address, phone number, and account number for all existing mortgages Name, address, and phone number of landlord, if renting within past two years Evidence of child support payments received or made (as applicable) Divorce decree (as applicable) Evidence of social security or disability income entitlements (if applicable) Bankruptcy petition and discharge (if applicable) Copy of driver’s license or other form of photo identification Copy of title insurance policy and mortgage survey Copy of home owner’s insurance policy
NON-REFUNDABLE LOAN APPLICATION TRANSACTION FUNDS
$40 for application fee (at the time of the pre-application consultation) $55 for the credit report (at the time of the formal application) $350 for the appraisal (after a preliminary conditional approval) NOTE: NHS does not accept cash. All checks must be made payable to NHS. The application
fee, credit report fee, and appraisal fee will be reflected on your closing settlement statement as prepaid closing costs.
APPLICATION PROCEDURES AND TIMING The procedural matters described in broad terms here are intended to provide you with an overview of the most significant steps, and related timing considerations, that are always involved in the loan process. This procedural overview is not designed to provide you with a detailed assessment of all of the various steps and timing considerations in the home loan application process—each application is unique and has unique circumstances that must be addressed. It is noted here that the guidelines and criteria for the loan products described here are subject to change.
STEP 1—PRELIMINARY CONSULTATION
Conduct a pre-qualification consultation with NHS lending staff. At this time a preliminary assessment of your objectives and program eligibility will be discussed. The most significant matters reviewed in this preliminary consultation are credit history, employment stability and income, home valuation, and documentation required for a formal loan application. If there are qualification-related issues in this preliminary consultation, it is recommended that you begin addressing them as soon as possible. You may also be referred to credit counseling during this consultation depending on the nature of the credit history.
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STEP 2—FORMAL APPLICATION If you are pre-qualified, you will need to provide all of the required information for a formal loan application. It is very important that you understand that submission of partial information does not expedite or help with the timing of your loan approval. Our lending staff will need all of the information required in order to process and package your loan application for review and underwriting. Any delays in providing the required documentation will cause a corresponding delay in the approval and closing of your home loan. STEP 3—APPROVAL, CLOSING CONDITIONS, AND CLOSING THE LOAN Once all of your application materials, including the appraisal, are provided to us, our lending staff submits your loan request for review to the underwriter. Frequently there are additional documentation requirements and/or closing conditions that arise during this formal review process. Addressing the completion of these matters is also directly linked to the timing of the closing. It is very important to keep in mind that our lending staff is not authorized to approve your loan, or enter into any verbal agreements of any kind with you. Our lending staff assists you by explaining the criteria and the requirements of these loan programs and by helping you develop and finalize your loan request. The final written approval of your loan application is generated by the underwiter for the particular product(s) being utilized.
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